December volume climbs; CELF, Sankaty tap Europe; Carlyle, Oak Hill price U.S. CLOs

By Cristal Cody

Tupelo, Miss., Dec. 22 – December deal action in the U.S. and European CLO primary markets has been active with more than $5 billion of supply brought over the month.

Sankaty Advisors, Ltd. priced a €417.05 million CLO transaction.

CELF Advisors LLP tapped the European market with a €517 million deal.

The euro-denominated market also saw a transaction from Banco Bilbao Vizcaya Argentaria, SA, which priced a €780 million SME CDO.

Back in the U.S. market, Carlyle Investment Management LLC brought $406.85 million of notes in its fifth CLO deal of the year.

Oak Hill Advisors LP returned to the primary market for the third time this year with a $606 million CLO offering.

Sankaty raises €417 million

Sankaty Advisors priced €417.05 million of notes due Jan. 15, 2029 in the Newhaven II CLO Designated Activity Co. deal, according to a market source.

The CLO sold €241.2 million of class A senior secured floating-rate notes (Aaa//AAA expected) at 99.75 with a spread of Euribor plus 145 basis points.

Barclays Bank plc was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans and bonds.

Sankaty’s last euro-denominated CLO offering was priced on Dec. 12, 2014.

The Boston-based alternative investment firm is a unit of Bain Capital LLC.

CELF prices €517 million CLO

CELF Advisors priced a €517 million CLO offering of notes due Jan. 15, 2029 via Morgan Stanley & Co. LLC, according to a market source.

Carlyle Global Market Strategies Euro CLO 2015-3 D.A.C. printed €285 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 150 bps at the top of the capital stack.

The deal is backed primarily by euro-denominated senior secured loans.

London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.

Banco Bilbao brings SME CDO

Banco Bilbao Vizcaya Argentaria priced a €780 million CDO backed by small- and medium-sized enterprise loans, according to a market source.

BBVA-10 PYME Fondo de Titulizacion sold €596.7 million of class A floating-rate notes at Euribor plus 196 bps and €183.3 million of class B floating-rate notes at Euribor plus 612 bps.

The notes are due Jan. 20, 2048.

Banco Bilbao Vizcaya Argentaria was the underwriter.

Europea de Titulizacion S.G.F.T., SA will manage the deal.

The transaction is collateralized by loans granted by Banco Bilbao to small- and medium-sized enterprises and self-employed individuals in Spain.

Banco Bilbao is a Spanish banking group based in Madrid.

Carlyle prices CLO

Carlyle Investment Management brought $406.85 million of notes due Jan. 20, 2028 in the Carlyle Global Market Strategies CLO 2015-5, Ltd./Carlyle Global Market Strategies CLO 2015-5 LLC deal, according to a market source.

The CLO priced $209.5 million of class A-1a senior secured floating-rate notes at Libor plus 155 bps in the senior slice.

Citigroup Global Markets Inc. was the placement agent.

The deal is backed primarily by first-lien senior secured corporate loans.

Proceeds from the transaction will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.

Carlyle Investment Management has priced five U.S. broadly syndicated CLO deals and one middle-market CLO offering year to date.

The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.

Oak Hill prices $606 million

Oak Hill Advisors placed $606 million of notes due Jan. 23, 2027 in the OHA Credit Partners XII, Ltd./OHA Credit Partners XII LLC transaction, according to a market source.

OHA Credit Partners XII priced $357 million of class A-1 senior secured floating-rate notes at Libor plus 149 bps in the senior tranche.

Goldman Sachs & Co. was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Oak Hill Advisors has priced three U.S. CLOs and refinanced one vintage CLO deal year to date.

The New York City-based investment firm brought three CLO transactions to market in 2014.

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